Page 8 - Lawyer Copy of Final Version MPRC COLLATERAL OPTION 4 (8.5 × 11 in) (1)_Neat

Glossary

ACV Actual Cash Value - Valued policies pre-agree upon an amount of insurance for your dwelling / buildings,
contents and equipment. In the event of a Total Loss of your dwelling/building, this is the amount you would

receive (less any applicable deductions). On an ACV policy, claims are subject to an adjusted settlement based
upon the age and condition of the damaged item or dwelling/building.

ALE Addition Living Expenses coverage allows you to maintain a comparable quality of life while living outside your
home during repairs and rebuilding. It is designed to keep you from struggling to find accommodation while
your home is unlivable. With ALE coverage, you will not have to stay with family or suffer undue financial
hardship to rent temporary accommodations.

Appraisal
Section 128 of the Insurance Act, RSO 1990, c I.8 (the “Act”), applies to an insurance policy containing a
condition, statutory or otherwise, providing for an appraisal to determine specific matters – typically, the value
of insured property – in the event of a disagreement between the insurer and the insured. More specifically, s.
128(5) of the Act, authorizes the court to appoint an appraiser where a party fails to do so within seven days of

being served with notice to do so.

Co-Insurance Type of insurance in which the insured pays a share of the payment made against a claim.

Amount of Insurance Carried X Amount of Loss = Payout

Value of Property X Co-Insurance %

Conflict of Conflict of Interest is a situation in which a person or organization is involved in multiple interests, financial

Interest or otherwise, and serving one interest could involve working against another. Typically, this relates to
situations in which the personal interest of an individual or organization might adversely affect a duty
owed to make decisions for the benefit of a third party.

CRM Customer Relationship Management – This allows clients to have direct access to their project via a web
portal.

GC General Contractor.

GRC GRC – Guaranteed Replacement Cost – provides the peace of mind in knowing that, in the event of a
catastrophic loss, your home will be rebuilt to the same standard of construction, with materials of like kind
and quality, regardless of the value declared on your policy, subject to the insurers' terms and conditions.

Indemnity A promise from one party to another to repay them or make them whole.